Samsung Buys 10 Percent Of Pantech

Samsung has acquired a 10 percent stake in rival smartphone maker Pantech, the deal is worth 53 billion KRW which works out at around $48 million, and Samsung has said that the investment is designed to cement the relationship between the two companies.

Samsung Electronics has agreed to acquire a 10-percent stake in Pantech, valued at approximately KRW 53 billion. The investment is aimed at solidifying our relationship with Pantech, a key component customer of Samsung. Samsung will have no involvement in Pantech’s business management in any way or form.

Pantech apparently spent around $211 million last year purchasing components from Samsung, and the company’s smartphone are the third most popular in South Korea behind Samsung and LG.